Saturday, October 1, 2016
ATTOM Data Solutions Reports 4 Percent of U.S. County Housing Markets Less Affordable Than Their Historic Affordability Norms in Q3 2016
IRVINE, CA –— ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, released its Q3 2016 Home Affordability Index, which shows that 24 percent of U.S. county housing markets were less affordable than their historic affordability averages in the third quarter, up from 22 percent of markets in the previous quarter and up from 19 percent of markets a year ago to the highest share of since Q3 2009 — when 47 percent of markets were less affordable than their historic affordability averages.
The report analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 414 U.S. counties with a combined population of more than 203 million.
“Affordability is always a challenge for buyers and with the recent appreciation we have been experiencing we are seeing a gap in the entry-level market that in past markets was met by attached dwellings (condos),” said Greg Smith, owner/broker at RE/MAX Alliance, covering the Denver market, where all five counties included in the report were less affordable than their historic norms.
Smith noted that the state’s condo-defect law has hobbled new construction of condos during the housing recovery.
“As a result of builder's risk and some predatory practices of attorneys, builders do not feel comfortable providing this product and as a result many first time buyers are finding it hard to enter the market, which can cause some ripples across the market as a whole.”
The report also breaks out county-level closing costs, using settlement service rates, transfer taxes and recording fees by ClosingCorp (see full methodology below).
For a complete copy of the company’s news release, please contact:
Jennifer von Pohlmann
949.502.8300, ext. 139
Posted by Alex at 1:25 PM